Voltas grows 13% on back of UAE MEP projects

The Capital Market project in Abu Dhabi.

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Voltas, India’s largest exporter in the field of electro-mechanical projects, saw revenue in this segment grow by 13% for the year ended 31 March 2010, largely due to an international order book that includes several high-profile projects in the UAE.

This includes a recent Rs800 crore (AED625m), 26-month contract for the T2 and T3 towers in Abu Dhabi’s Central Market project, awarded to Voltas by main contractor Arabian Construction Company LLC, on behalf of client Aldar Properties PJSC.

The scope of work includes supply, installation, testing and commissioning of the complete MEP systems for the two towers. T2 will be the tallest building in Abu Dhabi upon its completion in 2012. It will be 374m high, with 88 floors and a total built-up area of 143,118m². T3 will be 280m high, 60 floors and a total built-up area of 132,326m².

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Other significant projects for Voltas in the UAE have included the iconic Burj Khalifa in Dubai, the Formula One race track in Abu Dhabi, the district cooling plant at the Dubai International Financial Centre, the Ferrari Experience theme park and Etihad Towers Complex in Abu Dhabi, and the Sidra Medical and Research Centre in Doha, Qatar.

In the Indian market, the slowdown in the commercial real-estate sector had some impact on the finalisation of new electro-mechanical projects. In a strategic move, the company initiated aggressive steps to increase its presence in the industrial and infrastructure segments. The company also increased its equity stake in Rohini Industrial Electricals to expand its domestic offering in the electrical sector. The overall carry-forward order book for the electro-mechanical segment as at the end of March 2010 was Rs4,720 crore.

Voltas has also signed a JV with Mustafa Sultan Enterprises LLC of Oman to facilitate its entry into that country’s burgeoning electro-mechanical sector, CFO M.M. Miyajiwala told Reuters. The JV will be 65% owned by Voltas and 35% by the Sultan Group. “We are looking to expand operations in Qatar, Oman and Saudi Arabia,” said Miyajiwala. He added that Voltas had a capex budget of Rs5 000 to Rs6 000 crore in FY11.